Economics Quiz Flashcards
1
Q
Three basic ?’s
A
What to produce, how to produce, for whom to produce
2
Q
What is productive efficiency
A
Products being produced in the least costly way
3
Q
What is allocative a efficiency
A
Products being produced are the ones designed by society
4
Q
Is the law of increasing opportunity cost
A
As you produce more of any good opportunity cost will increase
5
Q
Who looks at only explicit cost and who looks at only implicit costs
A
Accountants look at explicit economist look at implicit and explicit
6
Q
What is a product market
A
In market where goods and services are produced by businesses and are sold to households
7
Q
What is the resource factor market
A
A place where resources are sold to businesses
8
Q
What are the 4 factors of production
A
Land, labor, capital, entrepreneurship
